Vertical Farming Market Size to Hit $21.34 Billion, at a CAGR 12.8% by 2030, Says Coherent Market Insights
According to Coherent Market Insights, global vertical farming market is estimated to be valued at US$ 11.55 billion in 2022 and is expected to exhibit a CAGR of 10.3% during the forecast period (2022-2030).
Burlingame, Sept. 11, 2023 (GLOBE NEWSWIRE) — The global Vertical Farming Market size was valued at US$ 11.55 Billion in 2022, exhibiting a compound annual growth rate (CAGR) of 10.3% from 2023 to 2030, according to a new study conducted by Coherent Market Insights, Inc. Vertical farming is a unique agricultural method in which crops are grown in stacked layers, especially indoors or in controlled environments. It uses advanced technologies such as hydroponics, artificial lighting, and aeroponics to improve crop growth. Moreover, vertical farming serve various advantages over traditional farming methods, such as reduced land, higher crop yields, and water usage, and year-round production regardless of weather conditions.
Key Industry Insights & Findings from the report:
In September 2022, Innovation Agri-Tech Group (IAG) has launched the GrowFrame 360, an aeroponic precision growing technology. The innovative vertical farming tech is the culmination of five years of R&D and has been designed with the aim of revolutionising how crops are produced globally, using 98% less water than conventional farming methods.
In June 2022, Green basket has launch vertical farm with ifarm tech in riyadh. With controlled environment agriculture powered by iFarm tech, Green Basket plans to tap into this demand and cater to fine dining establishments and distributors, as well as individual consumers.
Global Vertical Farming market is expected to exhibit a CAGR of 10.3% during the forecast period, owing to decreasing arable land, growing innovation in agriculture farming, and rising need for sustainable agriculture practice.
On the basis of Growth Mechanism, hydroponics segment is expected to hold a dominant position, owing to the growing adoption of hydroponic component to reduce the weight load and infrastructure require to support the equipment.
On the basis of Structure, shipping container-based vertical farms segment is expected to hold a dominant position, owing to its to ability help grow crops irrespective of the geographic location.
On the basis of Component, lighting segment is expected to hold a dominant position, owing to the fact that lighting provide sufficient light intensities required for crop growth.
On the basis of Crop, lettuce and leafy vegetables segment is expected to hold a dominant position, owing to the increasing cultivation of fruits and vegetables in vertical farming.
On the basis of region, Asia Pacific is expected to hold a dominant position over the forecast period, due to decreasing arable land and growing population in the region.
Key players operating in the global Vertical Farming market include Signify Holding (PHILIPS), Aerofarms, Sky Greens, IGS limited, Everlight Electronics Co., Ltd., Freight Farms, Agrilution, American Hydroponics, Urban Crops Solutions, Vertical Farm System, Gronska stadsodling ab, V-Farm, GrowUp Farms Ltd, Vertical Future Ltd, SweGreen, Jones Food Company, InFarm, Agricool, Future Crops, GrowY, and Intelligent Growth Solutions Limited
Read full market research report, “Vertical Farming Market, By Growth Mechanism, By Structure, By component, By Crop And by Geography, Market Size & Share Analysis – Growth Trends & Forecasts, 2023-2030″, published by Coherent Market Insights.
Vertical Farming Market Report Coverage
|Market size value in 2022||US$ 11.55 billion|
|Forecast Period:||2022 to 2030|
|Growth rate||CAGR of 10.3% from 2022 to 2030|
|Base year for estimation||2021|
|Historical data||2017 – 2020|
|Forecast period||2022 – 2030|
Key Trends and Analysis of the Global Vertical Farming Market:
Technological advancement in vertical farming is a recent trend. Key players are introducing innovative vertical farming technique due to ongoing research and development activities. For instance, in June, 2020, ‘Smart Acres’ has launched a new Hydroponic Vertical Farm. This new hydroponic plant will be set up in Abu Dhabi and the company aims to expand it all over the country in the following years.The country is creating its presence in the global market with its outstanding marketing of fresh local produce.
Decreasing arable land due to rapid urbanization is expected to fuel market growth
Due to rapid urbanization people are shifting to urban areas, so there is high demand for arable land in order to meet the growing demand for food. Vertical farming enable for food production especially in densely populated urban areas. According to the United Nation, in 2022, the degree of urbanization worldwide was at 57 percent. North America was the region with the highest level of urbanization, with over four fifths of the population residing in urban areas.
Growing environmental concerns is projected to propel market growth
Vertical farming is consider as a more sustainable form of agriculture technique. Vertical farming reduces the need for herbicides and pesticides, preserve water, and reduce the transportation emissions by growing food closer to consumers. Addtionally, vertical farming are less susceptible to external factors, such as extreme weather condition providing consistent crop yields.
High initial capital investment to hamper market growth
Vertical farm setup require high initial cost due to the need for technology, specialized infrastructure, and energy consumption. Hence high initial cost of vertical farm is expected to hinder the market growth.
Increasing investment in vertical farming is expected to provide significant market growth opportunities
The vertical farming market is witnessing strong growth on the account of increasing investment and this is expected to offer profitable market opportunities. For instance, in Febuary 2023, Commercial real estate trust Realty Income has agreed to invest “up to $1 billion” towards the development of indoor farm space for vertical farming startup Plenty. Realty Income will acquire and provide development funding for properties Plenty will then lease and turn into vertical farms
- Global Vertical Farming Market, By Growth Mechanism
- Global Vertical Farming Market, By Structure
- Building-based Vertical Farms
- Shipping Container-based Vertical Farms
- Global Vertical Farming Market, By Component
- Climate Control
- Other Components
- Global Vertical Farming Market, By Crop
- Lettuce and Leafy Vegetables
- Other Crop Types
- Global Vertical Farming Market, By Geography
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- North America
- Signify Holding (PHILIPS)
- Sky Greens
- IGS limited
- Everlight Electronics Co. Ltd.
- Freight Farms
- American Hydroponics
- Urban Crops Solutions
- Vertical Farm System
- Gronska stadsodling ab
- GrowUp Farms Ltd
- Vertical Future Ltd
- Jones Food Company
- Future Crops
- Intelligent Growth Solutions Limited
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